A struggling Fort Worth mall is set for a new chapter as a logistics center.
Ramrock Real Estate, LLC, a Dallas-based private equity firm, announced Wednesday the acquisition of Ridgmar Mall — and plans to redevelop the site as Ridgmar 30 Logistics Crossing. It’s set to be a six-building Class A development with roughly 931,000 square feet.
The mall’s sale comes after JCPenney recently said it would close its store at the shopping center later this year. The center is located at the corner of Interstate 30 and State Highway 183 and will feature an “institutional-quality logistics campus,’ the statement said.
Some of the stores will remain open in the short term, but eventually the mall will be completely torn down, said Tony Creme, partner at KBC Advisors Texas, in a statement.
The redevelopment, planned with consideration of its proximity to Naval Air Station Joint Reserve Base Fort Worth, will return “a long-underutilized property to productive use,” it said.
As part of the redevelopment effort of the Fort Worth property, Ramrock partnered with KBC Advisors and Lincoln Property Company to assist with project planning, leasing and execution.
“This acquisition represents the culmination of more than two years of engagement with elected officials and other community leaders to assess support for redeveloping the Ridgmar Mall site,” Creme said. “The feedback was overwhelmingly positive, and as a result, our collective teams are excited to partner with the City of Fort Worth and Tarrant County to revitalize this blighted site which was once a vibrant hub of social and economic activity in the community.”
Renderings of the planned logistics center that will replace Ridgmar Mall in Fort Worth. (Ramrock Real Estate)
While malls continue to find ways to thrive and succeed in North Texas and parts of the U.S., some have struggled to find a new future with the rise of the Internet and shifting tastes among consumers.
The Shops at Willow Bend center in Plano is set for a redevelopment that includes plans for a new Dallas Stars arena. The Valley View Mall in Dallas closed and has been targeted as a potential future site for the Dallas Mavericks.
Ramrock is working with the City of Fort Worth and the county on planning and entitlement efforts, it said. Local officials expressed support for the project’s potential to revitalize the site, generate new investment, create jobs and contribute to the area’s long-term economic development goals, it said.
“Ridgmar Logistics Crossing represents an exceptional opportunity to deliver institutional-quality logistics space in one of Fort Worth’s most strategic locations,” said Tom Kuhlmann, executive vice president of industrial for Lincoln Property Co., in the statement.
Ramrock Real Estate LLC, in partnership with Lincoln Property Company, HKS and Willow Bridge Property Management are developing 8300 Douglas, a12-story office building in Dallas’ Preston Center.
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